1. All loans are subject to CaixaBank's risk approval criteria.
2. In order to finance fees, official documents showing the price and duration of the course will be required from the school where the applicant is going to study.
3. The interest-only period is optional. During that time, the client can draw down money from the total amount approved. And the monthly repayments will only be the interest on the capital drawn down, but no capital will be repaid over this period. No more money can be drawn down after the interest-only period. The total amount repaid with an interest-only period is more than the total amount repaid with no interest-only period.
4. The total amount required must be specified when applying for the loan, even if it is going to be drawn down in different years or terms. And then the amount required from that total must be specified each year or term. Funds can only be drawn down once every year or six months, for the cost of fees and study expenses, and during the interest-only period. The student will have to provide proof that they have passed 70% of their credits from the previous year before they can draw down funds. They will therefore have to provide both matriculation documents and the bank will check that 70% of one year's credits are different to the ones from the year before.
5. Express Loan. French-style repayment system. The effective APR varies depending on the length of the repayment period. Representative example 1: effective APR of 12.215%, calculated for a loan of €2,400 over a twelve-month term. Nominal APR: 0 %. Total amount repayable: €2,544 (€2,400 capital + €0 interest + €144 arrangement fee). Total cost of credit: 144 €. Monthly repayment amount: 12 instalments of €200. Representative example 2: effective APR of 17.203%, calculated for a loan of €2,400 over a six-month term. Nominal APR: 0%. Total amount repayable: €2,508 (€2,400 capital + €0 interest + €108 arrangement fee). Total cost of credit: 108 €. Monthly repayment amount: 6 instalments of €400.
6. Graduate/Master's Student Loan. French-style repayment system. Representative example with an interest-free period: Effective APR 8.30% calculated for a loan of €10,000 where 25% of the loan capital is drawn down each year over the first four years. Nominal APR: 8.00 %. Interest-free period: 5 years. Amorisation period: 5 years. Total term of the transaction: 10 years. Total amount repayable: €14,966 (€10,000 capital + €4,966 interest). Total cost of credit: €4,966. Monthly repayment amount during the interest-only period: €16.67 for the first year, €33.33 for the second year, €50 for the third year and €66.67 for the fourth and fifth year. Monthly repayment amount during the amortisation period: 59 instalments of €202.76 and a final instalment of €203.08. Representative example with no interest-free period: Effective APR 8.30% calculated for a loan of €10,000 of which a single initial drawdown is made for the full amount. Nominal APR: 8.00 %. Amorisation period: 10 years. Total term of the loan: 10 years. Total amount repayable: €14,559.20 (€10,000 capital + €4,559.20 interest). Total cost of the credit: 4,559.20 €. Monthly repayment amount: 119 instalments of €121.33 and a final instalment of €120,93.
7. If the loan is repaid more than a year early, there will be an early-repayment fee of 1% of the amount of the loan repaid. If it is repaid with a year or less of the repayment term remaining: 0.5%. It will never be more than the interest that would have accrued on the amount during the time remaining.
Promotion valid until 31-12-2021.
Industrial Registry Number: 19596-2021-05555
